John Keells Holdings switches leases from Alidhoo to Dhonveli

John Keells Holdings has concluded a leasing switch of tourism properties in the Maldives, according to a report in the Sri Lankan Sunday Times.

In a statement to the Colombo Stock Exchange, the diversified group which – together with Aitken Spence – is a large Sri Lankan leisure operator in neigbouring Maldives, said that it “divested the head lease of loss-making Alidhoo Island as consideration received the head lease of Dhonveli Island for a period of 18 years.”

The group previously had a sublease of Dhonveli until 2021.

“While the transaction itself will not result in a capital gain or loss in the profit and loss statement of the group, the sale of the loss making Alidihoo Island, which is located in the Northern-most atoll in the Maldives and the acquisition of the head lease of Dhonveli Island, which is profitable and just fifteen minutes by speed boat from the capital Male, will have a positive impact on the profitability of the group going forward,” the statement said.